Next Capital Management LLC bought a new position in Apple Inc. (NASDAQ:AAPL – Get Rating) in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 33,233 shares of the iPhone maker’s stock, valued at approximately $5,803,000. Apple accounts for approximately 3.9% of Next Capital Management LLC’s portfolio, making the stock its 4th largest position.
Other institutional investors have also recently added to or reduced their stakes in the company. Cardinal Capital Management Inc. grew its holdings in shares of Apple by 5,525.0% during the 1st quarter. Cardinal Capital Management Inc. now owns 225 shares of the iPhone maker’s stock worth $39,000 after purchasing an additional 221 shares during the period. Shore Point Advisors LLC purchased a new stake in Apple during the fourth quarter worth approximately $41,000. St. James Investment Advisors LLC acquired a new stake in shares of Apple in the fourth quarter worth $57,000. Emerson Wealth LLC raised its stake in shares of Apple by 363.6% in the 1st quarter. Emerson Wealth LLC now owns 408 shares of the iPhone maker’s stock valued at $71,000 after acquiring an additional 320 shares during the period. Finally, Econ Financial Services Corp lifted its holdings in shares of Apple by 29.1% during the 1st quarter. Econ Financial Services Corp now owns 421 shares of the iPhone maker’s stock valued at $74,000 after acquiring an additional 95 shares in the last quarter. 57.98% of the stock is currently owned by institutional investors and hedge funds.
Apple Price Performance
Shares of AAPL opened at $172.10 on Friday. Apple Inc. has a 12 month low of $129.04 and a 12 month high of $182.94. The company has a debt-to-equity ratio of 1.63, a current ratio of 0.86 and a quick ratio of 0.82. The stock has a fifty day moving average price of $147.72 and a 200 day moving average price of $157.21. The company has a market cap of $2.77 trillion, a P/E ratio of 28.40, a PEG ratio of 2.19 and a beta of 1.23.
Apple (NASDAQ:AAPL – Get Rating) last released its quarterly earnings results on Thursday, July 28th. The iPhone maker reported $1.20 EPS for the quarter, topping the consensus estimate of $1.14 by $0.06. The business had revenue of $82.96 billion during the quarter, compared to analyst estimates of $82.97 billion. Apple had a net margin of 25.71% and a return on equity of 152.97%. The company’s quarterly revenue was up 1.9% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.30 earnings per share. On average, research analysts forecast that Apple Inc. will post 6.1 earnings per share for the current year.
Apple Dividend Announcement
The firm also recently declared a quarterly dividend, which was paid on Thursday, August 11th. Stockholders of record on Monday, August 8th were issued a dividend of $0.23 per share. The ex-dividend date was Friday, August 5th. This represents a $0.92 dividend on an annualized basis and a dividend yield of 0.53%. Apple’s dividend payout ratio (DPR) is presently 15.18%.
Apple announced that its Board of Directors has authorized a share repurchase program on Thursday, April 28th that authorizes the company to repurchase $90.00 billion in shares. This repurchase authorization authorizes the iPhone maker to repurchase up to 3.5% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s management believes its stock is undervalued.
Analyst Ratings Changes
Several research analysts have commented on AAPL shares. Fundamental Research set a $177.07 price objective on Apple and gave the company a “buy” rating in a research report on Thursday, August 4th. Barclays reduced their price target on Apple from $167.00 to $166.00 and set an “equal weight” rating on the stock in a research report on Wednesday, July 13th. Itau BBA Securities assumed coverage on shares of Apple in a research note on Tuesday, July 26th. They set an “underperform” rating and a $136.00 price objective on the stock. Wells Fargo & Company decreased their target price on shares of Apple from $205.00 to $185.00 and set an “overweight” rating for the company in a research note on Wednesday, July 20th. Finally, Deutsche Bank Aktiengesellschaft set a $175.00 price objective on shares of Apple in a report on Monday, August 1st. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating, twenty-three have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, Apple presently has an average rating of “Moderate Buy” and an average target price of $179.27.
Insider Transactions at Apple
In other Apple news, SVP Katherine L. Adams sold 25,000 shares of Apple stock in a transaction on Wednesday, August 3rd. The stock was sold at an average price of $164.77, for a total transaction of $4,119,250.00. Following the sale, the senior vice president now owns 427,334 shares of the company’s stock, valued at approximately $70,411,823.18. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 0.06% of the company’s stock.
Apple Inc designs, manufactures, and markets smartphones, personal computers, tablets, wearables, and accessories worldwide. It also sells various related services. In addition, the company offers iPhone, a line of smartphones; Mac, a line of personal computers; iPad, a line of multi-purpose tablets; AirPods Max, an over-ear wireless headphone; and wearables, home, and accessories comprising AirPods, Apple TV, Apple Watch, Beats products, HomePod, and iPod touch.
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